Stocks, Bonds, Gold, Crypto: Market Update 10/22/2025
Here is a quick snapshot of how different asset classes moved yesterday, last week, and the last month.
- Equity decreased by 0.5% yesterday, versus weekly and monthly moves of 0.4% and 0.7% respectively.
- Bonds dropped 0.01% yesterday, after weekly and monthly rises of 0.5% and 0.9%.
- Gold gained 0.01% in the last session, with weekly and monthly changes at -2.6% and 8.9%.
- Following a 1.6% rise yesterday, Commodities are up 1.3% for the week but down 0.1% for the month.
- Real Estate rose 0.4% in one day, contributing to its weekly and monthly gains.
- Gold fell 0.1% yesterday, extending losses across both weekly and monthly periods.
| ETF | 1D | 1W | 1M | |
|---|---|---|---|---|
| Equity | SPY | -0.5% | 0.4% | 0.7% |
| Bonds | AGG | -0.0% | 0.5% | 0.9% |
| Gold | GLD | 0.0% | -2.6% | 8.9% |
| Commodities | DBC | 1.6% | 1.3% | -0.1% |
| Real Estate | VNQ | 0.4% | 1.5% | 0.1% |
| Bitcoin | BTCUSD | -0.1% | -2.2% | -3.3% |
Why does it matter?
- Beyond Price Action: Does DG Offer Genuine Diversification?
- Kyndryl Stock: Strong Cash Flow Poised for a Re-Rating?
- S&P Global Stock Pays Out $29 Bil – Investors Take Note
- General Motors Stock Hands $29 Bil Back – Worth a Look?
- Coinbase Global Stock Testing Price Floor – Buy Now?
- Intuit Stock Near Crucial Support – Buy Signal?
- See where capital is flowing: Asset class performance reveals investor sentiment, from risk-on rallies to flight-to-safety moves.
- Track shifts in correlation: Rising correlations reduce diversification benefits and increase portfolio risk during stress.
- Spot early signs of rotation: Leadership changing across stocks, bonds, or commodities often precedes macro regime shifts.
Trefis works with Empirical Asset Management – a Boston area wealth manager – whose asset allocation strategies yielded positive returns during the 2008-09 period when the S&P lost more than 40%. Empirical has incorporated the Trefis HQ Portfolio in this asset allocation framework to provide clients better returns with less risk versus the benchmark index; less of a roller-coaster ride, as evident in HQ Portfolio performance metrics.
Capital Flow Patterns Have Governed Historical Risk-Return Profile
| ETF | Return | Volatility | Sharpe | |
|---|---|---|---|---|
| Equity | SPY | 14.7% | 15.2% | 83.4% |
| Bonds | AGG | 1.8% | 5.1% | -13.2% |
| Gold | GLD | 12.7% | 14.7% | 68.3% |
| Commodities | DBC | 4.7% | 16.1% | 19.2% |
| Real Estate | VNQ | 5.7% | 17.6% | 26.6% |
| Bitcoin | BTCUSD | 83.4% | 78.0% | 113.9% |
Figures are on annualized basis, based on monthly return data for last 10 years
How Stable Is Correlation Between Different Asset Classes?
| Equity | Bonds | Gold | Commodities | Real Estate | Bitcoin | |
|---|---|---|---|---|---|---|
| Equity | – | 11% | 19% | 10.0% | 5.0% | 12% | 3.0% | 34% | 25% | 30% | 73% | 70% | 63% | 25% | 37% | 40% |
| Bonds | 11% | 19% | 10.0% | – | 35% | 34% | 17% | -0.2% | -2.6% | -7.2% | 28% | 36% | 42% | 10% | 7.3% | -5.6% |
| Gold | 5.0% | 12% | 3.0% | 35% | 34% | 17% | – | 26% | 33% | 36% | 13% | 18% | 15% | 9.9% | 8.0% | 3.3% |
| Commodities | 34% | 25% | 30% | -0.2% | -2.6% | -7.2% | 26% | 33% | 36% | – | 23% | 16% | 18% | 9.9% | 12% | 13% |
| Real Estate | 73% | 70% | 63% | 28% | 36% | 42% | 13% | 18% | 15% | 23% | 16% | 18% | – | 17% | 24% | 18% |
| Bitcoin | 25% | 37% | 40% | 10% | 7.3% | -5.6% | 9.9% | 8.0% | 3.3% | 9.9% | 12% | 13% | 17% | 24% | 18% | – |
The figures above are correlations for last 10Y, 5Y and 1Y, in same order
Which Assets Have Seen Most Money Rotation During Market Crashes?
| ETF | Inflation Shock | Covid Pandemic | 2018 Correction | |
|---|---|---|---|---|
| Equity | SPY | -23.0% | -30.4% | -19.3% |
| Bonds | AGG | -14.1% | -2.1% | 1.4% |
| Gold | GLD | -7.7% | -6.3% | 5.0% |
| Commodities | DBC | 20.5% | -23.7% | -16.5% |
| Real Estate | VNQ | -29.8% | -41.6% | -11.1% |
| Bitcoin | BTCUSD | -56.0% | -33.5% | -37.4% |
The table shows return of different asset classes during market crises – specifically during the period where S&P fell and bottomed
The Trefis High Quality (HQ) Portfolio, with a collection of 30 stocks, has a track record of comfortably outperforming its benchmark that includes all 3 – S&P 500, Russell, and S&P midcap. Why is that? As a group, HQ Portfolio stocks provided better returns with less risk versus the benchmark index; less of a roller-coaster ride, as evident in HQ Portfolio performance metrics.